India Buy Now Pay Later (BNPL) Services Market Size Zooming More Than 4X to Touch USD 4.6 Billion by 2029

Published | 04 September 2023

India Buy Now Pay Later (BNPL) services market is flourishing because of the growing millennials and gen Z people and thriving e-commerce sector across the country.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the India Buy Now Pay Later (BNPL) services market size at USD 1.1 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects India Buy Now Pay Later (BNPL) services market size to grow at a robust CAGR of 23.1% reaching a value of USD 4.6 billion by 2029. Major growth drivers for the India Buy Now Pay Later (BNPL) services market include an increasing e-commerce momentum, growing trend of digital payments, and the rising influence of millennials and Gen Z. The flourishing Buy Now Pay Later (BNPL) market in India stands as an international benchmark for rapid expansion. With the shift towards online payment methods gaining traction among consumers, adopting BNPL as a preferred payment option has observed remarkable growth within the country over the past two years. A notable Experian report reveals that BNPL transactions in India surged by 21% during H1 2022, surpassing global growth by 3%. While this deferred payment model may be overshadowed by mobile wallets and credit cards, the growing awareness and heightened usage, especially within higher-income households, signal the imminent mainstream integration of this payment approach. As India's journey towards a resilient digital ecosystem continues, the outlook for the BNPL market appears highly promising in the medium to long-term perspective. However, regulatory concerns around BNPL services and economic instability or recessions are anticipated to restrain the overall market growth during the period in analysis.

India Buy Now Pay Later (BNPL) Services Market – Overview

India Buy Now Pay Later (BNPL) system is a payment mechanism enabling customers to make purchases, whether online or in physical stores, without the immediate requirement of paying the full upfront sum. The growth of this market is propelled by factors such as the ongoing digitization, wider merchant acceptance, escalating patronage among the younger demographic, and the emergence of fresh enterprises providing financing via BNPL services. Particularly appealing to younger consumers, BNPL services offer a range of benefits, encompassing the ability to acquire high-value items like laptops and smartphones, as well as facilitating payments for everyday essentials such as stationery products.

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Impact of COVID-19 on India Buy Now Pay Later (BNPL) Services Market

COVID-19 pandemic had a positive impact on the India Buy Now Pay Later (BNPL) services market. Initial disruptions were followed by a rapid acceleration in digital adoption, including the utilization of BNPL services. Online shopping surged as consumers sought convenient solutions, boosting the prominence of BNPL as a payment option. Economic uncertainties during the pandemic heightened the attractiveness of deferred payments. Market participants swiftly adjusted, extending BNPL services to brick-and-mortar stores. This adaptability underscored the market's resilience. The pandemic's influence underscored the importance of flexible payment methods, positioning the India BNPL market for ongoing expansion as consumer behaviors evolved in the post-pandemic context.

India Buy Now Pay Later (BNPL) Services Market – By Channel

By channel, the India Buy Now Pay Later (BNPL) services market is bifurcated into Online and Point of Sale (POS) segments. The online channel segment holds a higher share in the India Buy Now Pay Later (BNPL) services market during the forecast period by channel. In aiding the expansion endeavors of small and medium-sized enterprises in India, multiple entities, including B2B e-commerce establishments, have ventured into the Buy Now Pay Later (BNPL) domain, a segment that has garnered increasing favor among both consumer and business circles. Consequently, these entities are actively securing funding rounds to extend their B2B BNPL services across a broader spectrum of enterprises in India. As India's e-commerce sector surges towards a USD 100-billion milestone, attributed to digitalization and accessible internet, the digital sales landscape has flourished. Buy Now Pay Later (BNPL) has emerged as a preferred transaction mode, poised to encompass 14% of e-commerce transaction values in the coming years. The diverse e-commerce platform encompasses groceries, electronics, FMCG, home furnishing, and more. During H1 2022, the platform achieved a robust gross merchandise value (GMV) of over US$260 billion, bolstered by a remarkable 60% average repeat purchase rate.

Competitive Landscape

Major players operating in the India Buy Now Pay Later (BNPL) services market include Sezzle, ZestMoney, LazyPay, Paytm Postpaid, SlicePay, Capital Float, EarlySalary, Amazon Pay Later, Razorpay, and Simpl. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of India Buy Now Pay Later (BNPL) Services Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in India Buy Now Pay Later (BNPL) Services Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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